On Monday, GameStop shares rose more than 8% after Michael Burry, the investor famous for his bet against the US housing market before the financial crisis, revealed he had bought shares in the company, which was once the center of much attention on the internet. Burry said on the Substack platform: "I own GameStop stock and have recently started buying." He added: "I aim to hire a young CEO to invest in the company's capital and cash flows, perhaps for the next fifty years." Burry explained that this move represents a long-term investment. "I expect I bought at a price that could soon double the book value / double the net asset value".
